Pier 1 Continues to Hang On

Pier 1 Imports, a retailer we didn’t think would ride things out this long, is still surviving.

Sure, the company didn’t have amazing fiscal-year results, posting a net loss of $29 million, and a same-store sales decline of 9.7% during the fourth quarter. But executives are saying that they expect to close no more than 80 stores this year out of the nearly 1,100 in operation.

The retailer also says it is in active negotiations with landlords for lease reductions and is in a good cash position to ride out the rest of the year. Its CEO is also predicting future profitability.

We always thought the plight with Pier 1 was heavy competition from Target, but now that rival isn’t doing so well either. Is Pier 1’s future a little brighter than we had previously thought?

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2 Responses to “Pier 1 Continues to Hang On”


  1. 1 Broker April 8, 2009 at 8:38 am

    Casual furniture and decoratimg items have to be one of the toughest categories to make money in at the moment as a lot of people loaded up on this stuff during the boom. When you are stressed for money their category is easily pushed off into the future. Congrats to P-1 for hanging in there; I hope you survive and eventually thrive.

  2. 2 Dunkin'man April 8, 2009 at 8:42 am

    No.

    They can no longer differentiate them selves from Target, Cost Plus World Market, or the many independent retailers in this category.

    I loved ’em in the 80’s, and am sorry to see them go, but…


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